Educated citizens are the true assets of a country. If the country is young “educated citizens” make a huge difference. India is considered as the youngest country in the world. India is more conservative in nature. As it is clear that change, in any form, comes to India very late. Globalization came to India only in early nineties. At first we tried to reject it but it was not fruitful.   Globalization coupled with economic reforms changed the face of India. Communication revolution and new generation jobs played a very positive role in molding the future of India. Reforms continued for years and now also it is continuing.
21st century came with new challenges. United Progressive Alliance lead by congress came in to power for the second time in India. They tabled their second budget in February. India incorporated in ok with it except the proposal to increase the price of petroleum products. Another major proposal in the budget was regarding the banking sector reforms. Finance minister said that more banking license will be given to NBFCs (Non banking financial companies). The proposal is a double edged one. Indian banking system is well praised during the time of recession. Recession also reveled the weakness of US banking system. US banks and financial services companies claimed that they are self regulatory. But actually they were institutions without any regulations.
Now India is trying to have more banks. But what are the criteria is still unknown. One thing is true that without proper guidelines the new proposal would be absurd. More chit funds in India will apply for banking license and if they all get it the banking sector would face more difficulties. Proper care and strict guidelines should be taken in implementing the same.
Another reform is in the educational sector. The bill which allows foreign universities to open campuses in India is in it’s infant stage. Mixed response is expressed about the bill.   Globalization has changed the education system of the world. Now a days almost any one can go any where to have better education. Reputed universities ask for huge amount of money as fees. This will be changed once the bill is passed. Indian universities except a few are not of that much standard. There is a huge difference in terms of standard between IIMs and Universities in various states. It this bill is passed they become more competitive. More students will get access to education. Competitive fees rates will attract more students. Studying in a global university will give more exposure to Indian students. They can opt for global jobs.
Diverse courses will be introduced. Everyone will get a chance to learn. Number of seats will be increased. India will reach global standard in terms of education. Educational loans should be made more student friendly. The interest rates should be reduced. Government funding also needed to support economically backward students.  ‘If you want to give one a life give him access to education’- this is an old saying but it is more relevant now. Change has to come to India as early as possible. Banking and educational reforms are two major steps towards this goal.